Fitness Stride
NO DEAL
EPISODE SUMMARY
🕓 Air Date: April 1, 2011
Asking For:
$140,000 for 15%
Investor:
No Deal
Deal:
No Deal
PRODUCT SUMMARY
Fitness Stride is a fitness product designed to tackle obesity, alleviate lower back pains, strengthen muscles, and enhance athletic performance through resistance bands worn around the knees.
WATCH HERE
IN A RUSH?
Click these to jump to the section you want to read.
Background Story
Fitness Stride, founded by Stacy Erwin, emerges as an innovative fitness solution with its roots in addressing prevalent health challenges and leveraging practicality for everyday users.mHis pitch exudes confidence and conviction, indicating a strong belief in the efficacy of the product. Erwin’s background likely includes experience in the fitness industry, possibly as a personal trainer or fitness enthusiast. His inspiration for Fitness Stride likely stems from observing common barriers to exercise, such as time constraints and accessibility issues.
Recognizing the need for a solution that can seamlessly integrate fitness into people’s daily lives, Erwin conceptualized Fitness Stride as a wearable resistance band system. The product’s design and functionality appear to have undergone careful consideration to address multiple fitness goals, including weight loss, muscle toning, and injury prevention.
Erwin’s pitch emphasizes the product’s versatility, highlighting its potential to target various muscle groups and improve overall fitness without requiring users to commit extensive time or effort. Overall, Erwin’s background and passion for fitness, combined with his keen observation of market needs, have led to the creation of Fitness Stride. His determination to offer a practical and effective fitness solution reflects a commitment to empowering individuals to achieve their health and wellness goals with ease.
The Product
Fitness Stride revolutionizes fitness routines with its innovative design and functionality. The product consists of resistance bands that are worn around the knees, providing users with a convenient way to engage multiple muscle groups during everyday activities. The bands offer adjustable resistance levels, allowing users to customize their workouts to suit their fitness levels and goals.
Whether walking, sitting, or engaging in other daily tasks, Fitness Stride adds a layer of resistance that challenges muscles and enhances overall workout effectiveness. Key benefits of Fitness Stride include: Targeted muscle engagement: By incorporating resistance into daily movements, Fitness Stride effectively targets muscles in the abs, hips, buttocks, thighs, and lower back.
Versatility: Fitness Stride can be used during a wide range of activities, including walking, running, sitting, and even standing. This versatility makes it suitable for users of all fitness levels and lifestyles.Convenience: Unlike traditional gym equipment, Fitness Stride offers a portable and lightweight solution that can be used anytime, anywhere. Its compact design allows for easy storage and transportation.
Fitness Stride is available for purchase through various retail channels, including Foot Locker, Lady Foot Locker, Eastbay, Champs, and online platforms. Priced at $49.95 for a set with two color-coded bands, it offers an affordable alternative to traditional fitness equipment. With its user-friendly design and effective workout capabilities, Fitness Stride empowers individuals to achieve their fitness goals with ease and convenience.
How It Went
The company’s position before Shark Tank
Fitness Stride has demonstrated promising performance in terms of sales revenue and market presence, but challenges remain in scaling the business and achieving sustained growth. The company has established partnerships with reputable retail outlets, including Foot Locker, Lady Foot Locker, Eastbay, and Champs, as well as online platforms. These partnerships have facilitated distribution and increased accessibility to the product for customers across various demographics. Wholesalers such as Foot Locker purchase Fitness Stride at a wholesale price, contributing to the company’s revenue stream.
The primary customer base includes fitness enthusiasts, individuals seeking weight loss solutions, and those looking to improve overall health and wellness. However, the company faces challenges in expanding its customer reach and increasing brand awareness, which may impact future growth prospects. In terms of funding, Fitness Stride likely relies on a combination of investment capital and revenue generated from sales. While the company has achieved $150,000 in sales, with a profit margin of approximately $60,000, concerns arise regarding its valuation of $900,000.
The company’s current structure may include a small team responsible for product development, marketing, sales, and distribution. Despite its potential, Fitness Stride’s profitability and scalability are contingent upon overcoming marketing challenges and increasing market penetration. The company may need to explore additional funding opportunities to support marketing initiatives, expand distribution channels, and enhance brand visibility. Overall, while Fitness Stride shows promise as a fitness solution, strategic adjustments and investment may be necessary to propel the company towards sustained success in the competitive fitness market.
The Negotiations:
The negotiations for Fitness Stride were characterized by skepticism from the sharks, despite Stacy Erwin’s passionate pitch. Erwin initially sought $140,000 in exchange for a 15% equity stake, valuing the company at $900,000. However, the sharks expressed concerns about the company’s valuation and its ability to achieve significant growth. Kevin O’Leary questioned the effectiveness of the product and its market appeal, ultimately opting out of a deal.
Mark Cuban and Lori Greiner echoed similar sentiments, citing the lack of substantial testimonials and the challenges associated with marketing the product effectively. Barbara Corcoran, while intrigued by the product, raised doubts about its marketability and scalability, ultimately choosing not to invest. Robert Herjavec showed interest in the product’s potential but raised concerns about its marketing strategy and long-term viability.
Despite demonstrating the product’s functionality, Erwin struggled to convince the sharks of its widespread appeal and ability to drive substantial sales growth. In the end, none of the sharks were willing to invest in Fitness Stride, citing various reasons such as valuation concerns, marketing challenges, and doubts about the product’s effectiveness. Despite Erwin’s enthusiasm and belief in the product, the negotiations ultimately ended without a deal, leaving Fitness Stride to navigate its growth trajectory independently.
